"Financing projects from £50,000 to £100 million"

Chancellor urges Midlands firms to improve bids for funds

Chancellor urges Midlands firms to improve bids for funds

The chancellor has challenged businesses in the East Midlands to improve the quality of their bids if they want to secure cash for growth.

Yesterday, George Osborne praised the region’s "great firms and great people" and said that there was huge potential for firms to secure finance for growth, despite them receiving the least from the latest Regional Growth Fund.

In the latest round of awards from this fund, announced in October, firms from the East Midlands acquired just £14 million from a £571 million source fund.

The chancellor said that money was there, and that it was down to firms to ensure that their bids reflected their quality in operation.

"We have a pot of money and we get an independent panel - not the politicians - that looks at who bids for that money from around the country," Mr Osborne said.

"I am really willing to work with East Midlands to improve the quality of the bids to make sure its gets the money and the funding they deserve - the money is there."

Labour MP for Nottingham East, Chris Leslie, said that regional investment seemed to be shrinking, and that the mechanisms employed by the coalition had proved detrimental to the region.

"We have seen investment in regional growth halved under this government, so I can't see where this extra money is coming from," he said.

"The East Midlands has done particularly badly under this government because it has centralised the decision making."

Monday, 05 November 2012 12:31
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